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Do Solo Advisors Have a Future? The industry has largely moved to a team model, but some advisors may finish out their careers as 'bachelors,' says John Taft, CEO of RBC's U.S. wealth management division.

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RIA Leaders: Top 20 Firms for 2015 Over the years, Financial Planning has been striving to make the annual RIA Leaders list ever more rigorous, weeding out advisory firms that take commission, have registered reps, are owned by big stakeholders. This years ranking calls out the most successful independent, fee-only players who have been able to say no to the big offers -- at least so far.

U.S. Bancorp Profit Matches Estimates as Revenue Declines

Net income fell 2.1% to $1.4 billion, or 73 cents a share, from $1.43 billion, or 73 cents, a year earlier, the Minneapolis-based firm said today in a statement. That equaled the average estimate of 31 analysts surveyed by Bloomberg.

Chief Executive Officer Richard Davis is relying on fees from businesses including credit cards and wealth management to help counter a slump in mortgage lending. The company last month received Federal Reserve approval to raise its quarterly dividend to 25 cents after passing the central bank’s annual stress test.

“Our performance clearly reflects the advantage of our diversified business mix and disciplined expense management, which has enabled us to withstand the revenue challenges facing our industry in this slow-growth economy,” Davis, 56, said in the statement. “Credit quality is expected to remain relatively stable in the coming quarters.”

Total revenue declined 1.2% to $4.81 billion from a year earlier as mortgage-banking fees dropped 41% to $236 million, according to the statement. Credit and debit-card revenue increased 12% to $239 million and trust and investment-management fees increased 9.4% to $304 million, the firm said.

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